SS Retail Limited’s IPO is open from 16 September 2026 to 18 September 2026, priced at ₹403 to ₹424 per share, with a lot size of 35 shares. The ₹500 crore issue is a mix of a fresh issue and an offer for sale, and the company is tentatively set to list on 23 September 2026. Here is what the Red Herring Prospectus and the finalised price band tell a retail investor before applying.
Key IPO Details
| Parameter | Details |
|---|---|
| IPO Dates | 16 September 2026 to 18 September 2026 |
| Anchor Investor Bidding Date | 15 September 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹403 to ₹424 per share |
| Lot Size | 35 shares (₹14,840 at the cap price) |
| Employee Discount | ₹25 per share |
| Issue Type | Book-built, fresh issue and offer for sale |
| Total Issue Size | Up to ₹500.75 crore |
| Fresh Issue | Up to ₹360.75 crore |
| Offer for Sale | Up to ₹140.00 crore |
| Listing Exchanges | BSE and NSE |
| Basis of Allotment (tentative) | 21 September 2026 |
| Credit to Demat (tentative) | 22 September 2026 |
| Listing Date (tentative) | 23 September 2026 |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Anand Rathi Advisors Limited, Emkay Global Financial Services Limited |
The offer details, promoter names and financials in this article come from the Red Herring Prospectus dated 8 September 2026. The price band, lot size and dates were fixed after the RHP was filed and have been cross-checked against the BSE, NSE and registrar announcements as of 17 September 2026. IPO timelines can shift, so treat the dates after Bid/Offer Closes as tentative until the exchanges confirm them.
Reservation Split
The offer is being made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Based on category-wise data tracked on the exchanges:
| Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
A small portion is also reserved for eligible employees, who get a ₹25 per share discount to the offer price.
What a Retail Application Actually Costs
One lot is 35 shares. At the floor price of ₹403, one lot costs ₹14,105. At the cap price of ₹424, it costs ₹14,840. Since funds are blocked (ASBA) or mandated (UPI) at the cap price regardless of where you bid within the band, ₹14,840 is the amount that actually gets blocked in your bank account for one lot.
Maximum retail application. SEBI caps an individual retail application at ₹2,00,000. At ₹14,840 per lot, that works out to 13 lots, or ₹1,92,920. A 14th lot would cost ₹2,07,760, which crosses the ₹2 lakh line and moves the application into the small non-institutional investor (sNII) category instead of retail. If you want to stay in the retail quota, 13 lots is the ceiling.
| Investor Category | Minimum Lots | Minimum Shares | Amount at Cap Price |
|---|---|---|---|
| Retail (minimum) | 1 | 35 | ₹14,840 |
| Retail (maximum) | 13 | 455 | ₹1,92,920 |
| Small NII (sNII, minimum) | 14 | 490 | ₹2,07,760 |
| Big NII (bNII, minimum) | 68 | 2,380 | ₹10,09,120 |
About SS Retail Limited
SS Retail Limited was incorporated in 2016 and runs a multi-brand retail chain for mobile phones, accessories and other electronic items, operating under the brands SS Mobile, Mobile Exchange Wala and The Mobile Space. Its registered office is in Kolhapur, Maharashtra.
As of 31 March 2026, the company operated 503 stores across Maharashtra, Karnataka, Madhya Pradesh and Goa, with operations in Gujarat starting in Fiscal 2027. As per the Knowledge Company Report cited in the RHP, this makes it the largest mobile phone retail chain in West India and in Maharashtra, and the third largest in India among its peers.
A few facts that matter for an investor rather than a general description:
- Revenue mix is concentrated in mobile phones: Mobile phones made up 86.18% of FY26 revenue, pre-owned smartphones (branded Mobile Exchange Wala) another 7.20%, with accessories, other electronics and ancillary services making up the rest.
- Geographic concentration in Maharashtra: The state contributed 89.09% of FY26 revenue from operations, from 458 of the company’s 503 stores.
- Asset-light expansion model: The COFO (Company Owned Franchisee Operated) and FOFO (Franchisee Owned Franchisee Operated) formats together contributed 74.19% of FY26 revenue, letting the company add stores without bearing the full capital cost of each one.
- Recent acquisition: FY26 numbers are consolidated for the first time, following the acquisition of Olineo (34 stores) and the start of Nexora’s operations. FY25 and FY24 figures in this article are standalone, so growth rates that straddle FY26 mix a wider corporate base with the earlier standalone one. Treat CAGR figures below as directional rather than strictly like-for-like.
Financial Performance
Figures below are from the Restated Financial Information in the RHP, converted from ₹ million to ₹ crore.
| Particulars | FY26 (Consolidated) | FY25 (Standalone) | FY24 (Standalone) |
|---|---|---|---|
| Revenue from operations | ₹2,351.03 crore | ₹1,597.93 crore | ₹1,206.74 crore |
| Revenue growth | 47.13% | 32.42% | 45.03% |
| Gross profit | ₹286.41 crore | ₹193.13 crore | ₹128.74 crore |
| Gross profit margin | 12.18% | 12.09% | 10.67% |
| EBITDA | ₹125.15 crore | ₹80.44 crore | ₹56.50 crore |
| EBITDA margin | 5.32% | 5.03% | 4.68% |
| Profit after tax (PAT) | ₹59.28 crore | ₹39.86 crore | ₹26.65 crore |
| PAT margin | 2.52% | 2.49% | 2.21% |
| Net worth | ₹225.71 crore | ₹141.37 crore | ₹101.51 crore |
| Return on equity (RoE) | 30.60% | 30.94% | 30.20% |
| Return on capital employed (RoCE) | 29.30% | 25.78% | 25.91% |
| Total borrowings | ₹162.59 crore | ₹125.36 crore | ₹110.43 crore |
| Net debt to EBITDA | 1.06x | 1.17x | 1.38x |
Revenue grew at a two-year CAGR of about 39.58% between FY24 and FY26, and PAT grew faster, at about 49.16%, showing some operating leverage as the store network scaled. Margins moved up only slightly over the same period, since mobile phone retail is inherently a thin-margin, high-turnover business, and the RHP’s own KPI table shows PAT margin has stayed in a narrow 2.21% to 2.52% band across all three years.
One number worth watching alongside the growth: net working capital days were 46 in FY26, 51 in FY25 and 47 in FY24, and the inventory turnover ratio slipped from 10.49 times in FY24 to 8.83 times in FY26. In a phone retail business, inventory sitting on the shelf for even a few extra days ties up meaningful cash, and this is exactly where accounting profit and actual cash generation can diverge. The company’s own cash flow statement shows operating cash flow of ₹32.52 crore in FY26, well below the ₹59.28 crore PAT for the year, which is consistent with working capital absorbing part of the reported profit.
These are historical, restated disclosures and do not indicate how the business will perform in the future.
Valuation Metrics Explained
| Metric | FY26 Value |
|---|---|
| Basic EPS | ₹9.11 |
| Diluted EPS | ₹9.11 |
| Net Asset Value (NAV) per share | ₹34.33 |
| Return on Net Worth (RoNW), as certified in the RHP | 32.60% |
| Market capitalisation at the cap price (post-issue) | Approximately ₹3,153 crore |
A few terms explained simply, since the RHP uses them without defining them for a first-time reader:
- EPS (Earnings Per Share) is the company’s profit divided by the number of shares outstanding. It tells you how much profit is attributable to each share you would own.
- P/E (Price to Earnings) is the share price divided by EPS. A higher P/E means you are paying more for each rupee of the company’s current profit.
- RoNW (Return on Net Worth) measures how efficiently the company turns shareholders’ money into profit. The RHP’s certified RoNW of 32.60% uses a specific definition of net worth set out in the “Basis for Offer Price” section, which can differ from a plain profit-over-equity calculation.
- NAV (Net Asset Value) per share is roughly what each share would be worth if the company’s net assets were divided equally among all shareholders. Comparing the offer price to NAV shows how much of the price is for assets already on the books versus future growth.
Working Out the P/E
The RHP itself leaves every P/E field blank, marked, because it was filed on 8 September 2026, before the price band was fixed. Using the FY26 diluted EPS of ₹9.11 and the finalised price band, here is what those blanks work out to:
| Metric | Value |
|---|---|
| P/E at floor price (₹403) | 44.24x |
| P/E at cap price (₹424) | 46.54x |
| Post-issue P/E at cap price* | 53.19x |
| Price to Book (P/B) at cap price | 12.35x |
*The post-issue P/E accounts for the new shares created by the fresh issue, which dilutes EPS. Only the fresh issue portion adds new shares; the offer-for-sale portion simply transfers existing shares from selling shareholders to new investors and does not change the total share count. Using the pre-offer share count of 6,58,63,500 and roughly 85,08,255 new shares from the ₹360.75 crore fresh issue at the cap price, the post-issue share count comes to about 7,43,71,755, which brings post-issue EPS down to roughly ₹7.97 and lifts the effective P/E from 46.5x to about 53.2x.
How That Compares With Listed Peers
The RHP’s own peer comparison table, under Basis for Offer Price, was not part of the abridged prospectus made available for this article, so it could not be independently verified against the primary source. Based on secondary market-analyst commentary published after the price band was announced, SS Retail’s FY26 P/E of about 46.5x sits above a reported peer average of roughly 31.9x, though below the sector high of about 66x attributed to Aditya Vision. The same commentary places SS Retail’s certified RoNW of 32.60% above a reported peer average of roughly 16.9%.
Two things worth weighing before reading too much into that gap:
- SS Retail’s RoNW looks high partly because its pre-issue net worth (₹225.71 crore) is small relative to its revenue base. The fresh issue itself will roughly double the equity base, which will mechanically pull RoNW down going forward, independent of how the business performs.
- The organised mobile and electronics retail peers analysts compare it with, such as Aditya Vision and Electronics Mart India, carry a meaningfully different product mix (higher-margin appliances versus SS Retail’s thin-margin mobile-phone-heavy revenue), so a like-for-like multiple comparison has real limits.
These ratios are shared for educational understanding of how the offer is priced, not as investment guidance. Readers who want the RHP’s own certified peer table should refer to Basis for the Offer Price on page 183 of the Red Herring Prospectus.
Objects of the Issue
Of the ₹500.75 crore total issue, only the ₹360.75 crore fresh issue portion reaches the company. The ₹140.00 crore offer for sale goes entirely to the five selling shareholders, and the company receives none of it.
| Object | Amount |
|---|---|
| Capital expenditure for store fit-outs (Fiscal 2027 and 2028) | ₹12.45 crore |
| Part-funding of incremental working capital | ₹241.35 crore |
| General corporate purposes | Not disclosed in the RHP (to be finalised in the Prospectus) |
| Net Proceeds | Not disclosed in the RHP (to be finalised in the Prospectus) |
The bulk of the fresh issue, ₹241.35 crore, is earmarked for working capital, which lines up with the business being inventory-heavy: every new store needs its display cases stocked with mobile phones before it earns a rupee. The remaining ₹12.45 crore funds fit-out capex for new stores planned over Fiscal 2027 and Fiscal 2028.
The RHP caps general corporate purposes at 25% of the gross proceeds under SEBI ICDR Regulations, but the exact rupee amount, along with issue-related expenses, was left blank in the RHP pending finalisation in the Prospectus. Money earmarked for general corporate purposes is the least specific use of an investor’s capital in any issue, since it is not tied to a named project.
Strengths and Risk Factors
| Strengths | Risk Factors |
|---|---|
| Largest mobile phone retail chain in West India and Maharashtra, third largest in India by store count, as per the Knowledge Company Report | 86.18% of FY26 revenue comes from mobile phones alone; any slowdown in mobile phone demand hits the business directly |
| COFO and FOFO franchise models contributed 74.19% of FY26 revenue, allowing capital-efficient store expansion | Top 10 suppliers accounted for 79.09% of FY26 purchases; any disruption to these arrangements affects the whole supply chain |
| Revenue and PAT grew at roughly 39.58% and 49.16% CAGR respectively over FY24 to FY26 | 89.09% of FY26 revenue comes from Maharashtra alone (458 of 503 stores), concentrating the business in one state’s economic and political conditions |
| Return on capital employed of 29.30% and return on equity of 30.60% in FY26 | 82 of 381 registrable lease and leave-and-license agreements were not registered as of the RHP date, which can weaken the company’s ability to enforce them in court |
| Consistent store network growth, from 236 stores in FY24 to 503 stores in FY26 | The company’s P/E at both ends of the price band is at a premium to the average P/E of its listed peers, per the RHP’s own risk factor disclosure |
This table summarises only the top disclosures and is not a substitute for the full Risk Factors section, which runs from page 27 of the Red Herring Prospectus and covers considerably more ground, including related-party transactions and litigation.
How to Apply for the SS Retail IPO
- Log in to your trading and demat account.
- Go to the IPO section and select SS Retail Limited.
- Enter your UPI ID (or use net banking ASBA) and the number of shares in multiples of 35.
- Choose a bid price within ₹403 to ₹424, or select cut-off price to bid at the price finally discovered.
- Submit the application, then approve the UPI mandate request in your UPI app before 5:00 PM on the bid or offer closing date.
Investors without a demat account can open one first; the account needs to be active before the issue closes on 18 September 2026.
Findoc’s specific brokerage charges, platform features and IPO application process on its own app are not covered here and will be added once confirmed internally.
Checking Your Allotment
The basis of allotment is expected to be finalised on 21 September 2026, with shares credited to demat accounts by 22 September 2026. You can check allotment status through:
- The registrar, KFin Technologies Limited, using your PAN, application number or demat account details
- The BSE website’s IPO allotment status page
- The NSE website’s IPO allotment status page
If shares are not allotted, blocked funds are released back to your bank account around the same time as the credit to demat accounts for successful applicants.
Key Takeaways
- SS Retail’s ₹500.75 crore IPO runs from 16 to 18 September 2026, priced at ₹403 to ₹424, with a lot size of 35 shares (₹14,840 at the cap price).
- A retail investor can apply for a maximum of 13 lots (₹1,92,920) and stay within the retail category; a 14th lot moves the application to the sNII category.
- Revenue grew at roughly 39.58% CAGR and PAT at roughly 49.16% CAGR between FY24 and FY26, though FY26 is consolidated for the first time and not strictly comparable to the standalone years before it.
- At the cap price, the issue is priced at about 46.5x FY26 diluted EPS, rising to about 53.2x on a post-issue basis, which analysts have flagged as a premium to the sector.
- Only the ₹360.75 crore fresh issue reaches the company; the ₹140.00 crore offer for sale goes to selling shareholders, and general corporate purposes remain unquantified pending the Prospectus.
- The business is concentrated in mobile phones (86%+ of revenue) and in Maharashtra (89%+ of revenue), which are the two risks to watch alongside execution of the Gujarat and Chhattisgarh expansion plans.
Disclaimer: This article is for informational purposes only and is not a buy/sell recommendation. Investments in securities are subject to market risks; this is not investment advice. Please consult a SEBI-registered investment adviser before investing.
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